QBTSON trades at a 21.78% premium above D-Wave Quantum's market close

The tokenized D-Wave Quantum asset marks a +21.78% gap over its NYSE reference close, a spread that stands out against $767.4K in 24h volume.

QBTSON's on-chain reference sits at $20 while the underlying equity closed at $16. The $4 gap represents a 21.78% dislocation between two markets that track the same economic exposure. Thin tokenized-market volume of $767.4K means even moderate flow can shift the quote; the sizeable premium, however, offers no observable signal about whether demand is outrunning redemption capacity or whether arbitrage paths are simply too narrow to compress the spread during off-hours.

This spread shows a pricing disagreement, not a verified demand story. With volume constrained, the premium may narrow when the next equity session opens, but the data alone cannot confirm the mechanism.